Wednesday, February 25, 2009

This goes out to all the Individual Responsibility trolls (Sam) by Dick Strongball

Here's a decent article from a HuffPo blogger and ex-financial regulator breaking down in general terms who bears the brunt of the ahem "responsibility" for defrauding the entire lending system. And...SURPRISE, any financial analyst with half-a-brain knew all this mortgage fraud and wholesale robbery of the banks by their owners was taking place, but were either knocked on the head by their greedy superiors or had their red flags ignored by, double-surprise, people in the Bush administration whose job was to police the industry.

In place of any common-sense regulation and denial of credit to people with bad credit histories, the banks were essentially given free-license to gouge non-prime lendees with higher fees and interest rates and package those nuggets of toxic fantasy wealth into resellable debt. Turnover was apparently so quick that even the loan files for these transactions seem to have been lost in the shuffle.

http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html

The time is past due. These banks and institutions require a stake through the heart. Our incremental overdependence on indebtedness to these vampires just for the right to live has to come to an end. I don't give a fuck if the gov grows; our new administration has to stop handing out welfare to the demon-gods of banking and start using that money to hire people to advance our infrastructure, science, health, education, and culture. It's time to start building REAL wealth in this country again, and for the first time in our history, give everyone a real shot at living quality lives.

1 comment:

  1. Ok, so the fraud basicly amounted to a twisted game of hot potato, where large banks bought up bad assets, "lost the tapes", and packaged them to sell to another large firm. Are these people in firm number three insane?

    If this really was as open secret as is claimed, a firm buying one of these packages must have been playing the same game, repackaging the packages and selling them before the potato bursts.

    How far does this chain of profit squeezing run?

    How could the DoJ ever hope to have the resources to prosecute even a fraction of these frauds?

    These people are really going to walk away with our money?

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